Deloitte Settles Investor Suit

Reuters News Service

Updated March 24, 2007 12:01 a.m. ET

The Canadian unit of accounting firm Deloitte & Touche LLP will pay $50.5 million to settle an investor lawsuit over its audit of Canadian waste-management and scrap-metal company Philip Services Corp.

The settlement, which was approved in U.S. District Court in Manhattan, is the largest sum ever paid by a Canadian accounting firm in a securities class-action lawsuit, said Neil Selinger, a lawyer representing the investors.